Investor Roadshow November 2018 GENESIS ENERGY LIMITED Marc England – CHIEF EXECUTIVE Chris Jewell – CHIEF FINANCIAL OFFICER Wendy Jenkins – GROUP MANAGER INVESTOR RELATIONS Tokyo, Hong Kong, Singapore, New York, Boston, Chicago & Los Angeles
Investor Roadshow
November 2018
G E N E S I S E N E R G Y L I M I T E D
Marc England – CHIEF EXECUTIVEChris Jewell – CHIEF FINANCIAL OFFICERWendy Jenkins – GROUP MANAGER INVESTOR RELATIONS
Tokyo, Hong Kong, Singapore, New York, Boston, Chicago & Los Angeles
Disclaimer
This presentation has been prepared by Genesis Energy Limited (‘Genesis Energy’) for information purposes only. The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information required for an investor to evaluate an investment. This presentation may contain projections or forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks.
Although management may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realised. EBITDAF, underlying profit and free cash flow are non-GAAP (generally accepted accounting practice) measures. While all reasonable care has been taken in compiling this presentation, to the maximum extentpermitted by law Genesis Energy accepts no responsibility for any errors or omissions and no representation is made as to theaccuracy, completeness or reliability of the information. This presentation does not constitute investment advice.
Genesis Energy Limited Investor Roadshow November 2018 2.
308
345 335 333361
350-370
FY14 FY15 FY16 FY17 FY18 FY19f
$ MILLIONS
Our investment proposition of strong yield is underpinned by growth
13.0
16.0 16.4 16.6 16.9
7.2%
9.2%
7.7%
6.8% 6.9%
0%
2%
4%
6%
8%
10%
12%
0FY14 FY15 FY16 FY17 FY18
Dividends (CPS) Net Yield %
DIVIDEND CENTS PER SHARE & YIELD
1. Net dividend yield based on year end closing share price as at 30 June (FY18 $2.44)
2. FY18 full year dividend of 16.9 cps declared (up 1.8%), with 80% imputation, representing a 6.9% net yield. DRP offer remains in place with 2.5% discount
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2015 2015 2016 2016 2017 2017 2018
Mean 90th Percentile
75th Percentile 25th Percentile
GNE
NZX 50 / ASX 100 YIELD COMPARISON
Bloomberg
EBITDAF
Genesis Energy Limited Investor Roadshow November 2018 3.
G E N E S I S E N E R G Y L I M I T E D
The New Zealand Market
About New Zealand— Good growth in a stable political and regulatory environment
Source: Economy Rankings 2018 (The World Bank), The Heritage Foundation 2017, Legatum Prosperity Index 2017, Energy ArchitecturePerformance Index 2017 (World Economic Forum)
Ease of doing business
st
Investor Protection
st
billion, 3% growth
GDP
Global ProsperityIndex
Providing Sustainable, Secure Energy
th
EconomicFreedom
rd nd
Genesis Energy Limited Investor Roadshow November 2018 5.
New Zealand’s energy market— Deregulated unsubsidised market with an established operating system
1 state owned national transmission grid operator1 privately owned gas transmission network
5 major electricity generators15 producing gas fields
29 electricitylines companies
5 gas distributors
4 LPG distributors
2m electricity customers
270,000 gas customers,
220,000 LPG customers
48% residential customers
Retail 39% small, medium enterprises
13% commercial & industrial customers
Genesis Energy Limited Investor Roadshow November 2018 6.
Core markets stable or growing
Growth is forecast in NZ energy demand
0
40,000
80,000
120,000
160,000
200,000
Mar
-12
Sep
-12
Mar
-13
Sep
-13
Mar
-14
Sep
-14
Mar
-15
Sep
-15
Mar
-16
Sep
-16
Mar
-17
Sep
-17
Mar
-18
Sep
-18
LPG GROWTH CONTINUES ROLLING 12 MONTH SALES (KT)
Bulk Market 45 kg Market Forklift Market 9 KG Market Auto Market
LPG data
-
10
20
30
40
50
60
Mar
-12
Sep
-12
Mar
-13
Sep
-13
Mar
-14
Sep
-14
Mar
-15
Sep
-15
Mar
-16
Sep
-16
Mar
-17
Sep
-17
Mar
-18
GAS DEMAND STABLE 4 QUARTER MOVING AVERAGE (PJ)
Consumption Energy Transformation Non-Energy Use
MBIE data
LPG 45 kg market grew
6% in last 12 months
35,000
40,000
45,000
50,000
55,000
60,000
65,000
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
GRID DEMAND FORECASTS (GWH)
Historical demand Transpower
MBIE - Low MBIE - High
Productivity Comm. - Low Productivity Comm. - High
2,800
3,000
3,200
3,400
3,600
3,800
4,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
GRID DEMAND SHOWING SIGNS OF GROWTH (GWH)
5 year range 2018EA data
Est.
kg
Genesis Energy Limited Investor Roadshow November 2018 7.
…with electricity markets reflecting tighter capacity margins
EA data
Energy and capacity
shortages showing
Tiwai 4th
potlineadds to demand
Regulatory review of electricity
prices underway
0%
5%
10%
15%
20%
25%
2018 2019 2020 2021 2022
NEW ZEALAND WINTER ENERGY MARGIN FORECAST TO TIGHTEN
1% demand growth 2% demand growth
REQUIRED SECURITY MARGIN
Transpower data
22
23
24
25
26
27
28
29
30
31
32
2013 2014 2015 2016 2017 2018
RESIDENTIAL ELECTRICITY PRICE (C/KWH)
0
50
100
150
200
250
300
350
400
Jul-
13
Oct
-13
Jan
-14
Ap
r-1
4
Jul-
14
Oct
-14
Jan
-15
Ap
r-1
5
Jul-
15
Oct
-15
Jan
-16
Ap
r-1
6
Jul-
16
Oct
-16
Jan
-17
Ap
r-1
7
Jul-
17
Oct
-17
Jan
-18
Ap
r-1
8
Jul-
18
Oct
-18
WHOLESALE ELECTRICITY PRICE ($/MWH)
MBIE data Average over the period
Genesis Energy Limited Investor Roadshow November 2018 8.
…and fuel markets tightening
LPG market
moves to net import
International oil prices have
increased
Oil and gas exploration to be restricted
0
2
4
6
8
10
12
14
0
50
100
150
200
250
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
FORECAST GAS AND LPG PRODUCTION PROFILE
Gas (PJ - LH Axis) LPG (PJ - RH Axis)
0
20
40
60
80
100
120
Jun
-13
Dec
-13
Jun
-14
Dec
-14
Jun
-15
Dec
-15
Jun
-16
Dec
-16
Jun
-17
Dec
-17
Jun
-18
BRENT CRUDE (USD/BBL)
BloombergMBIE data
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
Export parity Import parity
NZ LPG IMPORT/EXPORT PARITY PRICING (NZD/T)
Woodward
Genesis Energy Limited Investor Roadshow November 2018 9.
800
1000
1200
1400
2015 2016 2017 2018 estimate
RESIDENTIAL LITHIUM-ION BATTERY STORAGE COSTS (USD/MWH)
Lazard
Energy transformation is creating opportunities
$0
$5
$10
$15
$20
$25
$30
Jun
-14
Dec
-14
Jun
-15
Dec
-15
Jun
-16
Dec
-16
Jun
-17
Dec
-17
Jun
-18
Dec
-18
Jun
-19
Dec
-19
Jun
-20
Dec
-20
Jun
-21
NEW ZEALAND CARBON UNITS PRICE
Desktop search
Mobile search
ENERGY SEARCH VOLUME TREND
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%Ju
n-1
4
Dec
-14
Jun
-15
Dec
-15
Jun
-16
Dec
-16
Jun
-17
Dec
-17
Jun
-18
Dec
-18
Jun
-19
Dec
-19
Jun
-20
Dec
-20
Jun
-21
ELECTRIC VEHICLE FLEET PENETRATION (NZ)
Light Vehicle fleet EV Penetration
Projection 50% CAGR
Projection 100% CAGR
NZTA
0%
1%
2%
3%
4%
Jun
-14
Dec
-14
Jun
-15
Dec
-15
Jun
-16
Dec
-16
Jun
-17
Dec
-17
Jun
-18
Dec
-18
Jun
-19
Dec
-19
Jun
-20
Dec
-20
Jun
-21
SOLAR MARKET PENETRATION (NZ)
ICP uptake rate (%)
Projection linear
Projection 50% CAGRElectricity Authority
0.8
1
1.2
1.4
Jun
-14
Dec
-14
Jun
-15
Dec
-15
Jun
-16
Dec
-16
Jun
-17
Dec
-17
Jun
-18
Dec
-18
Jun
-19
Dec
-19
Jun
-20
Dec
-20
Jun
-21
WIND TURBINE PRICE INDEX
Price index Projection BNEF Google
250
200
150
100
50
0
Jan
-14
Jan
-15
Jan
-16
Jan
-17
Jan
-18
Genesis Energy Limited Investor Roadshow November 2018 10.
Regulatory environmentPolicy cohesion is key, underpinned by principles of collaboration and customer-centric approach
KEY OBSERVATIONS / RECOMMENDATIONS
Retail market • Competition is working to deliver choice & innovation• Strong trend toward more meaningful transparency for
customers around their energy use and choices.• EnergyIQ is a good example of this. • More targeted solutions in collaboration with Government
are key to ‘energy hardship’• Drivers of usage (i.e. quality of housing) must be addressed
to improve affordability for the truly vulnerable
Electricity industry
• The sector is delivering secure, reliable, and affordable electricity
• Improved transparency across all segments will drive trust, confidence and more efficient investment, especially in the monopoly segments
Transition to low emissions economy
• The electricity sector has a key role to play in further decarbonising the economy. Its stability is key
• The transition must be well managed to ensure costs are contained and avoid unintended consequences
Our focus is on making thoughtful contributions to meaningful solutions
Zero Carbon Bill
Low emissions economy
Environment Committee
Crown Minerals (Petroleum) Amendment Bill1
1 Gives effect to the Government's announcement to cease issuing permits for new offshore oil and gas exploration
Genesis Energy Limited Investor Roadshow November 2018 11.
G E N E S I S E N E R G Y L I M I T E D
Genesis Energy Overview
About Genesis Energy— Our vision is to be customers’ first choice for energy management
KEY INFORMATION
Revenue (FY18): NZ$2.3 billion
EBITDAF (FY18): NZ$361 million
Dividend Yield (FY18): 6.9%
Share Price: NZ$2.50
Market Capitalisation: NZ$2.5 billion
Enterprise Value (FY18): NZ$3.7 billion
Average Daily Turnover: 610,000 shares
Credit Rating: BBB+ (Standard & Poors)
Genesis Energy is a large, fully integrated energy management company. It is New Zealand’s largest energy retailer, generates electricity from a diverse portfolio of thermal and renewable assets located throughout the country, and has an interest in the Kupe oil and gas field offshore of Taranaki.
,
Genesis Energy Limited Investor Roadshow November 2018 13.
Why Genesis?
Genesis Energy Limited Investor Roadshow November 2018 14.
Diversity of earnings across sectors, fuels and marketsGROSS MARGIN CONTRIBUTION (FY18)
Gas 11%
Oil 6% LPG 3%
Renewable generation 30%
Thermal generation 12%
LPG
1%
Residential electricity 20%Business
electricity 6%
LPG 7% Gas 4%
KUPE 20% WHOLESALE 43% CUSTOMER 37%
Electricity Gas LPG Oil
Genesis Energy Limited Investor Roadshow November 2018 15.
FY18 Results at a glance
EBITDAF
FY17 $333m
m
$
m
$
due to generation revaluations FY17 $119m
$
Operating cashflowFY17 $249m
FY18 total dividend
FY17 16.6c Imputation 80%
cps
billing platform servicing EOL & Genesis brands. 100,000+ EOL customers successfully migrated.
Kupe gas production
PJ
Record
m integrated operations centre delivering operational efficiencies, digital interactions up 46%.
integrated LPG distribution platform. Genesis now servicing around 60,000 LPG customers.
Energy IQ launched with over 100,000 unique users engaged
Brand revitalised
“With You, For you”
New Zealand’s 2018 # 1 energy utility (Colmar Brunton & Reptrak)
GWhsupports volatile market
,
Up5%
Up11%
Total generation
NPAT
Excellence in execution on foundational investment
Up8%
Down83%
Up2%
Up33%
Genesis Energy Limited Investor Roadshow November 2018 16.
Outlook and guidance— Guidance for FY19 EBITDAF is $350 to $370 million
• FY19 EBITDAF guidance range is $350 to $370 million subject to hydrological conditions, any material events, one-off expenses or other unforeseeable circumstances. Key assumptions include:
• $10 million negative impact from Huntly Unit 5 mid-life inspection
• Return to normal hydrology
• Increase in emissions costs through higher carbon prices (average of $6/tCO2 achieved FY18) and change to ETS1
• Growth in Customer segment
• FY19 capital expenditure guidance of up to $85 million
• FY20 EBITDAF to be impacted by planned Kupe 25-30 day outage and increased emissions costs
• FY21 target remains to deliver $400+ million EBITDAF
1. Reflects change to the Emissions Trading Scheme to move to a one-for-one unit obligation from 1 January 2019
Genesis Energy Limited Investor Roadshow November 2018 17.
G E N E S I S E N E R G Y L I M I T E D
Our Company Strategy
Our VISION is to be customers’ first choice for energy management
Our PURPOSE is to reimagine energy to put control in our customers’ hands
PERFORMING
TRANSFORMING
Increase # of customers using energy management tools and
increase digital interactions
Grow our earnings and deliver top quartile shareholder returns
Be #1 or #2 in every product market
Energise our people and improve engagement
Keep our people healthy and safe
Maximise the value of our assets, products and businesses
Embrace diversity of thought
Employees are engaged advocates for our brands and products
Move toward a lower carbon future
Be New Zealand’s most loved brand
Our STRATEGY is to maximise value through our market position
Wholesale & Kupe segment
• Our integrated fuel position minimises costs for us and our customers• Our generation mix gives us flexibility to maximise value in the energy markets• We are leading the way to transition the NZ energy sector successfully to a more
renewable future
Customer segment
• We offer a full three fuel (electricity, gas and LPG) solution for our customers• We aim to differentiate our products with seamless service, useful insights and digital tools• Our ambition is to change how consumers engage with their energy
We are performing while transforming
Genesis Energy Limited Investor Roadshow November 2018 19.
0.26 1.20
0
1
2
3
4
5
6
7
8
0
1
2
3
4
Oct-1
6
Dec-1
6
Feb
-17
Ap
r-17
Jun
-17
Au
g-17
Oct-1
7
Dec-1
7
Feb
-18
Ap
r-18
Jun
-18
Au
g-18
Oct-1
8
Act
ual
Inju
ries
Freq
uen
cy R
ate
GENESIS EMPLOYEE & CONTRACTORS TRIFROct 2016 - Oct 20181
Lost Time Restricted Work
Medical TRIFR
Our diversity and culture drive our successful strategy delivery
GENDER MIX
%male
%female
of senior management including Directors are female
%
Commitment to being an inclusive and diverse employer
through Genesis’ employee share scheme
38% of employees have bought nearly $1 million of shares
0%
10%
20%
30%
40%
50%
60%
70%
80%
FY17 FY18
STAFF BELIEVE OUR PRODUCTS AND SERVICES ARE AS GOOD AS, OR BETTER
THAN, OUR COMPETITORS
30% point lift
Two thirds of employees engaged into
Genesis R U OK programmes
Gender pay gap has dropped
.%
.%
MINDING THE GAP
Engagement and confidence in business success on the rise
Wellbeing and safety is more than just a responsibility
1 LPG business purchased August 2017
Genesis Energy Limited Investor Roadshow November 2018 20.
Genesis Sustainability Framework launched FY19
Caring for our environment
Emissions
Water and Wildlife
2019 on – Reduce and offset our non-generation carbon emissions
2020 - 100% EV / hybrid light fleet by 2020, 50% EV/hybrid heavy fleet by 2025
Our intention is to phase out coal completely by 2030 (and to use only in abnormal market conditions after 2025)
Our ambitions include
Building strong communities
Our Communities
Our People
Living wage in place by 2020
Mobilise Genesis people to volunteer: 2019 onwards
School-gen website used by over 50% of NZ schools by 2020
Our ambitions include
Putting control in our customers’ hands
Delivering New Zealand’senergy future
40% of customers using information and insight via our digital tools to make active choices about their day-to-day energy use by 2025
At least 2 new sustainable products for customers by 2020
Our ambitions include
Powering New Zealand
200,000 customers actively providing more information about their homes to access advanced energy services by 2021
Genesis Energy Limited Investor Roadshow November 2018 21.
Our purpose is to reimagine energy to put control in our customers’ hands
Fuels PlatformBrands
Genesis Energy Limited Investor Roadshow November 2018 22.
Our brand re-launch has helped us regain market leadership
“THE MARKET LEADER” 28+7 PTS
19+4 PTS
17+7 PTS
9+1 PT
19NC
“PUTTING PEOPLE IN CONTROL OF THEIR ENERGY USE”
23+8 PTS
15+3 PTS
11+1 PTS
16+1 PT
11+1 PT
“LEADING THE WAY WITH NEW TECHNOLOGY”
28+14 PTS
15+6 PTS
15+9 PTS
13+1 PTS
9+4 PTS
Change in score from May 2017 to August 2018
WHEN ASKED, PEOPLE RECOGNISED GENESIS AS:
Genesis Energy Limited Investor Roadshow November 2018 23.
Focusing on enhancing loyaltyFY19 will deliver product differentiation at scale
GENESIS CUSTOMER CHURN RATE (BY MONTH, ALL FUELS)1
1 Monthly Churn Annualised (most recent 2 months are estimated on EOM losses and may change)2 Based on Total Residential ICPs for electricity, gas and LPG
1% churn equals ~$1-2mEBITDAF
per annum2
1% price increase equals ~$7-8mEBITDAFper
annum 20%
5%
10%
15%
20%
25%
30%
Jul-
17
Au
g-1
7
Se
p-1
7
Oct-
17
Nov-1
7
Dec-1
7
Jan
-18
Fe
b-1
8
Ma
r-1
8
Ap
r-18
Ma
y-1
8
Jun
-18
Jul-
18
Au
g-1
8
Se
p-1
8
Total Single Fuel Dual Fuel
Power
Shout I
Power
Shout II
Energy IQ
Launch
Bottle Gas
Monitoring Launch
Power
Shout III
Power
Shout IV
Move to the
Future II
Electricity
Monitoring Launch
Dual
Fuel
Refresh
Next 3 - 6
months
Move to the
Future I
Genesis Energy Limited Investor Roadshow November 2018 24.
BUSINESS SALES TEAM COVERAGE
FY17 FY19
Electricity & Gas
Electricity, LPG & Gas
Electricity & LPG
BUSINESS NETBACK
Focus on growing business volumeTargeted growth in agriculture and hospitality
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY16 FY17 FY18 FY19 FY20 FY21
LPG
to
nn
e
Elec
tric
ity
& G
as G
Wh
BUSINESS BILLED VOLUME
Electricity Forecast Electricity Actual Gas Forecast
Gas Actual LPG Forecast
FY17 FY18 FY19 (f)
Electricity ($/MWh) 88.5 87.7 88 - 91
Gas ($/GJ) 7.8 7.6 8 - 9
LPG ($/Tonne) n/a 755 850 - 900
Monitoring
Bottled gas monitoring
Genesis Energy Limited Investor Roadshow November 2018 25.
Integrated portfolio provides flexibilityMaximising value as NZ transitions to a low carbon future
Genesis Energy Limited Investor Roadshow November 2018 26.
Securing low cost renewable electricity
Flexibility from fuels and working towards a
transition from coal
Creating flexibility from existing assets.
Weekly and seasonal flex
Our emissions are largely hedged through to 2025We are also investigating longer term hedging options
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
NZ
Un
its
as %
of
po
ten
tial
exp
osu
re
Hedged Emission Unhedged Volume
$6 $9-14 $15-20 $17-22 $17-22 $19-24 $20-25 $20-25
CARBON HEDGE POSITION
Short-hedging has been successful to date
For longer term hedging, we are investigating the full spectrum of possible options, ranging from direct ownership of forests to off-take agreements
Genesis Energy Limited Investor Roadshow November 2018 27.
G E N E S I S E N E R G Y L I M I T E D
The Kupe stake and fuel contract position provide commercial upside
Kupe Gas ProjectSettled joint venture focused on enhancing Kupe’s value
Economic interests aligned
Engagement
Transparency
Discussion
Improved Collaboration
Phase Two DevelopmentTwo distinct projects
Inlet compression Development well
Genesis Energy Limited Investor Roadshow November 2018 29.
Long-term Gas Contract Position
0
5
10
15
20
25
30
35
40
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
PJ
TAKE-OR-PAY FORWARD GAS PURCHASES1
1 Represents gas contracts under which Genesis is required to take the product or pay a penalty. Includes Kupe and Producer Price Index adjustments
BENEFITS AND TIMING OF ALTERNATIVE GAS PURCHASE COST2
$8.00 -$9.00
$8.00 -$9.00
$8.00 -$9.00 $8.50 -
$9.50
$8.50 -$9.50
$8.50 -$9.50
$7.50 -$8.50
2 Assumes approx. 37PJs of gas continues to be procured over the timeframe FY21 to FY26, at indicative gas market prices ranging from $6/GJ to $7/GJ (in real terms)
$-
$10
$20
$30
$40
$50
$60
$70
$80
$90
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
$6/GJ $7/GJ
Genesis Energy Limited Investor Roadshow November 2018 30.
G E N E S I S E N E R G Y L I M I T E D
Targeting FY21 EBITDAF of $400-430m & top quartile TSR
350
20
10
17400
370
30
15
27
430
FY19 Guidance Retail Growth Optimisation Gas SupplyAgreements
roll-off
FY21 Target
Minimum Maximum
The plan is in place to FY21 and beyondDriven by retail growth, optimisation and rolling off of legacy contracts
PATHWAY TO FY21 EBITDAF FY21 SENSITIVTIES
1 Retail growth represents gross margin improvements in the Customer segment through volume and value growth.2 Optimisation represents value creation from reduced operating expenses, enhanced wholesale revenues through
improved plant and fuel efficiency
21
Churn
Oil Price
LPG Price
Retail Price
GWAP
Extended WetSequence
Extended DrySequence
+/- $2/MWhchange in GWAP
Range of USD$50 to USD$90/bbl
+/- $300/t change in LPG prices
+/- 1% change in retail prices
+/- 1% change in churn
EBITDAF +$5m +$10m +$15m-$15m -$10m -$5m
Perc. change in hydro sequence
25th P. 10th P.
90th P.75th P.
Genesis Energy Limited Investor Roadshow November 2018 32.
Sustained earnings and dividend growthUnderpinned by long dated debt book
308345 335 333
361
350-370
0
100
200
300
400
FY14 FY15 FY16 FY17 FY18 FY19f
$ MILLIONS
EBITDAF
AVERAGE FIXED RATE DEBT TENURE NET DEBT AND NET DEBT/EBITDAF RATIO (S&P BBB+ RATED)
966 905833
1,212 1,183
2.9 2.5 2.6
3.33.0
0.0
1.0
2.0
3.0
4.0
5.0
0
200
400
600
800
1000
1200
FY14 FY15 FY16 FY17 FY18
$ MILLIONS
Net debt Net debt/EBITDAF S&P Target Debt Ratio (2.4 - 3.0)
DIVIDEND CENTS PER SHARE & PAYOUT HISTORY1
13.0
16.0 16.4 16.6 16.9
70%
74%87% 91% 92%
-20%
30%
80%
130%
0FY14 FY15 FY16 FY17 FY18
Dividends (CPS) % of Free Cash Flow
0%
20%
40%
60%
80%
100%
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27
% of Debt on Fixed Rate
Average debt
capacity tenure at
11.4 years, with an
average fixed interest
rate of 5.8%
1 DRP supported by 29% of holders and has raised $38m of new capital since February 2018
Target Dividend/ Free Cash Flow
of < 90%
Genesis Energy Limited Investor Roadshow November 2018 33.